Nifty jumped 26.75 points after rising to new lifetime high on the back
of heavy buying in ITC shares on buzz that the government will not ban sales of
loose cigarettes.
Nifty, after scaling a new peak of 8626 in early trade, closed at 8564
up 26.
The same view
remains since there is hardly any significant movement in the index yesterday.
So long as the Nifty trades above the range between 8536 and 8630 there is not
much to be anxious about any major fall since this zone represents dividing
line between the
bulls and the bears. If it were to maintain above this range
bulls would again try and push the index and the market higher while a
sustained stay below this range would suggest a probable sell off any time
going forward. However, to be really bearish the index needs to trade
sustainably below the 8475-mark. Any fall up to 8475 would still constitute a
temporary fall and a dip that could be used by bargain hunters. However, the nifty
caving in decisively below 8475 would signal the onset of a sustained
correction.
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RESISTANCE: 8570, 8600, 8630
SUPPORT: 8540, 8510, 8680
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